Breaking from the usual Democratic modus operandi, Nancy Pelosi (D-CA) stated on a Monday Larry King Live show that the solution to the price of oil "... has to be part of something that says we want to bring immediate relief to the public and is not just a hoax on them."
But, contrary to her statement and in a typical Democratic sleight of hand, she and her cognitively challenged Democratic colleagues advocate releasing part or all of the US Strategic Petroleum Reserve to temporarily depress market prices for crude oil. Let's take a total release of the SPR as an example, and see what could happen:
The Strategic Petroleum Reserve contains 707 million barrels of oil. Crude can be drawn from it at a maximum of 4.4 million barrels daily. This draw could account for 5.5% of the crude oil consumed worldwide, and could continue for 5.5 months before the SPR was fully depleted. But, if OPEC lowers their collective crude output by just 15% for the same 5.5 months, the release from the SPR would provide no increase in crude supply.
After which, of course, the Federal Gov't would have to refill the SPR which would raise the price of crude and have OPEC smiling all the way to the bank.
If Pelosi was really interested in affecting the price of crude oil, rather than hoaxing the American People with releases from the SPR, she and her fellow Democrats should vote for offshore drilling and further expansion of oil exploration on American soil. The more money spent on crude we keep here at home, the better off our economy will be... Oh, and dump the private jetliner for commercial flights to and from Washington -- that would help a little too. - CE